LIC Jeevan Labh Yojana

Today, we will talk about LIC’s another beneficial policy or scheme. The name of this policy is “LIC Jeevan Labh Yojana”. It is a non-linked (not based on share market) benefit scheme, with a limited premium payment. On death or maturity, this plan also provides benefits to your family (nominee) or you (policyholder) with security as the sum insured. Simultaneously, the nominee or the policyholder is paid a simple reversionary bonus and a final addition bonus (if any). Let’s know more about LIC Jeevan Labh Policy

Invest Rs. 518 & Get Rs. 4.04 Lakh

For this plan, your age must between 8 and 59 years. The maturity age is 75 years and you can take this plan between the age of 16 and 25 years. In this plan, you have to deposit a minimum amount of Rs. 2 Lakh. However, there is no limit. This scheme also involves compensation for Accidental Death and Disability. In general, if you pay a premium of Rs 1,55,328 for 25 years it means you deposits 518 rupees every month for 25 years. On the maturity of the policy, you get a bonus of about 4.04 lakh rupees.

Important Things About LIC Jeevan Labh Yojana

Limited premium payment means the period of premium payment is less than the policy term or the maturity period.

Scheme available a period of 16, 21, and 25 years

Fixed return facility with security at the same time.

Loan facility available in the scheme after filling the premium for three years

Ad-On Riders Available as Accidental Deaths and Disability Benefit Rider

Tax exemption under section 80C of income tax is available on the premium to be paid. (Maximum 1,50,000)

Tax exemption on maturity (maturity) amount, under section 10 (10D) of income tax.

Benefits Of LIC Jeevan Labh Yojana

Death Benefits

If the policyholder dies during the term of the policy and he has paid all the premiums till death, then his nominee will get the sum assured on death as death benefit + simple reversionary bonus + final addition bonus (if any ) Is paid.

Here the sum assured on death means the amount which is more than the other.

The death benefit received here should not be less than 105% of the total premiums paid till the death of the policyholder.

Maturity Benefits

If the policyholder survives the entire policy term and has paid all the premiums till maturity, then on maturity he is paid a simple reversionary bonus and final additional bonus with the insured amount.

Disability Rider Benefits

Under this policy, the policyholder can get the benefit of add-on covers like accidental death and Disability Benefits by paying a nominal amount. This rider is not available for minors. But as soon as the policyholder turns 18, this rider can be availed.

New Term Assurance Rider

Under this, if the policyholder dies during the policy term, then an additional amount which is equivalent to “Term Assurances Sum Assured” (rider cover is in effect) is paid to the nominee. The maximum cover under this rider is 25 lakhs.